The Challenge of Modern Finance
The volume of financial data continues to increase year after year. Transactions flow in from fragmented sources: banks, payment service providers, vendors, government authorities, e-commerce platforms and even non-traditional areas such as ticketing or logistics systems. At the same time, the global market faces a shortage of qualified finance professionals. As a result, accounting teams often find themselves dedicating a disproportionate amount of time to manual reconciliation. Matching transactions across these sources is critical but it is also slow, repetitive and error-prone. In addition, this type of work deters interest in the accounting profession and negatively impacts existing employees’ job satisfaction.
For organisations seeking timely and accurate financial reporting, this represents a structural bottleneck. For service organisations like accounting firms, it has a direct effect on the utilisation of resources and, therefore, project profitability.
Origins in Accounting Practice
Reconcilio was established by qualified accountants who had experienced these pressures first-hand. The founders recognised that while many software solutions exist for recording transactions, the reconciliation stage remained underserved.
Their goal was to create a platform designed specifically for reconciliation, independent of any ERP or accounting system.
Reconcilio is not another ERP or accounting package, nor does it compete with such; it is a purpose-built layer that sits above existing systems and addresses one of the most fundamental but challenging aspects of finance: proving that records from multiple sources agree.
What Reconcilio Does
Reconcilio currently addresses post-recording reconciliation. Users can reconcile transactions from a wide range of sources, including banks, vendors, credit card providers, inter-company accounts and other use cases such as ferry ticket operators or school fee systems.
The proprietary technology is capable of matching more than 97% of non-structured or “dirty” data, with close to 100% accuracy. Processing is more than 100 times faster than manual methods, with safeguards to ensure no false positives. This combination of accuracy and speed reduces staff workload and provides reliable results that can withstand audit scrutiny.
In addition, Reconcilio is a reconciliation management platform, maintaining the history of all previous reconciliations, per company and per account, absolving the need to store hard copies of statements in box files or on spreadsheets with the results of each reconciliation to maintain an audit trail.
How It Works in Practice
Finance teams can upload data in Excel, CSV or PDF format, or connect directly through APIs where available. The system normalises formats, standardises fields and processes the information through its reconciliation engine.
Unmatched items are flagged immediately and workflows allow for review, manual entries and resolution. A process that may have taken hours or days on spreadsheets can often be completed in minutes within an audit-ready environment.
The platform is ERP-agnostic and file-format-agnostic, which means that it can be adopted by organisations without dependence on a particular vendor or IT architecture. It is designed to empower finance staff directly, without the need for lengthy integration projects.
Most importantly, there is no configuration, rules or conditional logic setup that could complicate implementation and need ongoing maintenance. It can be launched in an organisation within an hour.
Industries and Early Clients
Reconcilio has already been adopted in a wide range of industries. Early clients include accounting firms, e-commerce companies, FMCG distributors, car dealerships and private schools. Clients are not limited to Cyprus; firms in the United Kingdom and Greece are already using the solution. These early engagements indicate a strong product-market fit and growing recognition among professional and corporate users.
Advantages for Finance Teams
The benefits of adopting Reconcilio
are clear:
• Significant reduction in manual
reconciliation effort
• Consistent accuracy across
fragmented data sources
• Faster closing cycles and more
timely reporting
• Improved audit readiness and
transparency
• Timely fraud and error detection
• Independence from existing technologies
or systems
• Scalability across entities and
transaction volumes
By focusing specifically on reconciliation, Reconcilio gives finance teams a specialised tool that addresses one of their most resource-intensive responsibilities.
Partnership Opportunities
Reconcilio can also be offered as an engine to other software providers. Through an API-driven B2B2B model, other SaaS platforms can integrate reconciliation functionality into their own products. This creates opportunities for accounts payable, accounts receivable and fintech providers to embed reconciliation without having to build their own engines. In this way, Reconcilio is both a standalone product for finance teams and a modular component that strengthens the wider financial technology ecosystem.
Looking Ahead
The current focus of Reconcilio is reconciliation after transactions have been recorded. The next phase of development is designed to move upstream into transaction allocation. In addition, insights and AI driven analytics are being implemented. This will expand Reconcilio from a reconciliation engine into a broader automation layer, covering both pre- and post-recording processes.
The long-term vision is to establish Reconcilio as the financial control layer that ensures both accuracy and efficiency across the accounting cycle, regardless of the ERP or system in place.
A Solution for a Changing Profession
Reconcilio sits at the intersection of finance practice and technology, providing a platform purpose-built for reconciliation. Its adoption across industries shows the demand for a tool dedicated to this stage of the accounting cycle. By automating one of the most resource-intensive processes with accuracy, speed, and scalability, Reconcilio enhances existing ERP systems rather than competing with them. With a roadmap expanding into automated allocation and AI-driven analytics, it is positioned to evolve from a reconciliation management platform into a financial control layer that supports the next phase of accounting automation.
Contact INFORMATION
email: sales@reconcilio.com | Tel: +35722028708 | Website: www.reconcilio.com | Address: 47 Strovolos Avenue, 4th Floor, 2028, Nicosia
This Special Feature first appeared in the September edition of GOLD magazine. Click here to view it.
